EXT - Extract Resources

[bigdog]

SP EXT 6.59 +0.190 +2.97% high 6.59 low of 6.15 284,899 shares $1,806,360 @ 18-Jun 04:10:24 PM

ASX ANN after the close today!

18-06-2009 06:58 PM EXT Additional Board Positions and Management Changes

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00961837

MEDIA RELEASE
Additional Board Positions / Management Changes

South Perth, Western Australia – June 18 2009, Extract Resources Limited (“Extract” or “the Company”) advises commencement of the process for appointing a Swakop Uranium CEO and local executive team to accelerate the development of the Rossing South deposit, a world-class uranium deposit discovered in 2008 immediately south of the famous Rossing mine.

The Company is also well advanced with the prioritisation of the Strategic Review currently being conducted by Rothschild and with the scoping and feasibility studies being coordinated by GRD Minproc.

To move the company into this new phase of development, the Board has decided to expand its composition to include nominated representatives of Polo Resources Limited and Rio Tinto Limited, both of which have significant shareholdings in Extract. The nominees to be appointed effective from or subsequent to 1 July 2009, subject to acceptances and other conditions being met, are respectively, Messrs Stephen Dattels and Chris Mc Fadden.

The Board has, subject to conditions being met, further agreed to invite Kalahari Uranium Limited, which owns 40% of Extract's shares, to nominate an additional board representative to commence on or after 16 September 2009, such nomination is yet to be received and approved. In addition to the appointment of a CEO at Swakop Uranium, the Board will seek to appoint a replacement for the Managing Director of Extract, and will commence the search for a suitably qualified replacement immediately.

The Board has consulted with the Government of the Republic of Namibia and with major shareholders in respect of these important developments. The result of consultation with shareholders is that the company expects the current requests to call shareholder meetings to be withdrawn.

The Board is confident that the arrangements instituted around Mr McIntyre's departure and the actions already initiated around the fast-tracking of the development of Rossing South will ensure a smooth transition during the Company’s next phase of growth. It is worth repeating that Mr McIntyre’s commitment for the next three months and possibly beyond is of particular significance to the Company, with a number of key objectives on schedule for the Rossing South uranium project. These include an updated resource statement for Zone 1, a maiden resource statement for Zone 2, and scoping study results from the first phase of the feasibility study.

About Extract
Extract Resources is an Australian-based uranium exploration company whose primary focus is in the African nation of Namibia. The Company’s principal asset is its 100% owned Husab Uranium Project which contains two known uranium deposit areas, Rossing South and Ida Dome. Extensive exploration potential also exists for new uranium discoveries.

 

[Sean K]

I am absolutely gobsmacked. Who says stocks just don't go verticle forever?

Incredible.

It's going to have a bigger mc than PDN soon..

 

[Uncle Barry]

Good morning Kennas and EXT'ers.
The excitment factor with EXTRACT
is,
they still have not drilled out, reads discovered the depth, width nor the length of the RZ find, be it 1, 2 or 3 or what ever comes futher to the south.

And this single find could be plus 15k's long by at least 1k wide !

Then of course the are off shoots like Salam and H still be be drilled out.

The Ida area, is still open at depth.
Plus the potential of the area around the old Ida mine.
Plus........

This lease area now it thought to hold one of the biggest deposits on high grade U bearning material in the World.

Exciting, you bet (wish I was a Geo working on the ground over there, as that would be an adventure of a lifetime)

AND
did I say they also hold another three leases, two of which have been granted and the other still under application.

AND
all over a sudden over the last few months investors both big and small have made the discovery,

AND
found there is very little stock available free to buy or trade, from there it is a pure classic case of supply and demand factors in process.

There has been a few people about over the last couple of years trying their best to tell all the potential of whats under the feet of EXTRACT, however most people thought they were crazy or the tale/potential was impossible, reads too big, at the time (why, because these same people were too lazy to read and ask questions about what was clearly written in the Reports and then to do follow up research. )

Kind regards,
UB

 

[tambo66]

Agreed, the potential quantity and quality of the U is incredible, but now Extract is officially in the top 200 the fundies need to look at it to maintain their positions. According to yesterday's papers EXT is #91, without mining anything or completing drilling.
Feel free to insert any superlatives you wish here.

[Long-term small holder]

DYOR

 

[bigdog]

Did anyone see the late after close sales on Friday!!!

What are we in for today????

Date-------- Time------ Price Quantity Value ($)--- Conditions
19/06/2009 4:29 PM $7.20 50,000 $360,000.00 Portfolio Special Crossing,Crossed
19/06/2009 4:27 PM $7.20 48,430 $348,696.00 Portfolio Special Crossing,Crossed
19/06/2009 4:26 PM $7.20 79,614 $573,220.80 Portfolio Special Crossing,Crossed
19/06/2009 4:26 PM $7.20 322,197 $2,319,818.40 Portfolio Special Crossing,Crossed
19/06/2009 4:22 PM $7.05 19,183 $135,259.33 Late Trade - Put Through,Crossed
19/06/2009 4:18 PM $7.20 20,050 $144,360.00 Late Trade - Order Completion,Crossed
19/06/2009 4:10 PM $7.20 3,000 $21,600.00

098

 

[Uncle Barry]

Good morning,
Big Dog,
"Did anyone see the late after close sales on Friday!!!"



Sure did !
Today, as expected a slight correction as the general market catches up with the $7.20.

All gooood !
And enjoying the ride.
Kind regards,
UB

 

[bigdog]

Good morning,
Today, as expected a slight correction as the general market catches up with the $7.20.
Kind regards,
UB

UB, have you moved from Perth to Qld?

Are you still involved with fishing?

Can only recommend to EXT holders do not sell with the potential ahead!!

 

[Uncle Barry]

Good morning,
Big Dog.
I've never been to Perth, Queensland is far too nice a place to move from.

'Are you still involved with fishing?"

Never stopped

Only fly fishing, be it for the saltwater or the sweetwater.

EXT'ing,
Todate what has been discovered on their leases is amazing,
however
if we were to take the conditions that stopped anybody else finding the monster resourse, mainly the 'masking' effect, then read some Nam Govern, reports,
then
it is a fair and reasonable conclusion, that what has been discovered could be less that 50% of the potential. !

Then add, what has been discovered,
the width, the length and the DEPTH has not been discovered/reached yet.

HENCE
The demand on EXT stock by those who read and think a little,
PLUS, the potential to be one of the largest and easiest to mine U resourses in the World.

ONLY
increases the local and International demand for this stock.

WHICH
Coupled to the very limited supply of stock in loose hands only increases the share price.

Kind regards,
UB

 

[stompa]

hi all
im very new to this stuff and have read through this thread twice now and seems to be the a really good stock for the guys in the know do you think its current price is still a good buy in price
Thanks

 

[Uncle Barry]

Good evening Stompa.
"guys in the know do you think its current price is still a good buy in price'

PLEASE, 'in the know' would be suggesting insider trading.
AND that would be the last thing I would dream of, myself.

If the share price is good value with potential to increase, it purely up to you as it is your hard earned money that you are going to spent, therefore it is for you to research the value and to come to YOUR OWN conclusion.

Kindest regards,
UB

 

[stompa]

Good evening Stompa.
"guys in the know do you think its current price is still a good buy in price'

PLEASE, 'in the know' would be suggesting insider trading.
AND that would be the last thing I would dream of, myself.

If the share price is good value with potential to increase, it purely up to you as it is your hard earned money that you are going to spent, therefore it is for you to research the value and to come to YOUR OWN conclusion.

Kindest regards,
UB

sorry uncle barry, i may have worded that wrong what i meant by in the know was regular share traders.

 

[beerwm]

sorry uncle barry, i may have worded that wrong what i meant by in the know was regular share traders.

Hi stompa,

we're not allowed to give financial advice on this site,

I would suggest you go to hotcopper.com (be careful though for more info on valuations.

but be warned, there is more to making money than picking the right stocks.
-this site is full of helpful info on that though,

good luck

 

[bigdog]

http://www.djnewsplus.com/ge/articl...Riches+Spur+Tug-Of-War+For+Control+Of+Extract

Uranium Riches Spur Tug-Of-War For Control Of Extract

By ROSS KELLY
Of DOW JONES NEWSWIRES


SYDNEY -- A struggle for control of one of the world's biggest undeveloped uranium reserves has emerged as one of the fiercest corporate skirmishes in recent times, and analysts expect more fireworks.

Extract Resources Ltd. (EXT.AU) has jumped eight-fold in value since December, as Rio Tinto Ltd. (RIO.AU) built a 15.6% stake, and rival investors began to campaign for a greater say in the future of its Rossing South venture in the southern African nation of Namibia.

Interest in uranium has been ignited by Asian countries outlining plans to install vast amounts of nuclear power capacity in the coming decades, and European countries such as Sweden and the U.K. ending lengthy bans on new reactors.

China alone will likely build as many as 90 reactors over the next 20 years, its top energy official said recently.

Namibia, with around 5% of the world's known recoverable reserves of uranium, is being courted by several heavyweight players in the nuclear industry.

Russian President Dmitry Medvedev will begin a state-visit to Namibia Wednesday, and diplomats say discussions will include energy ties.

Rossing South is six kilometers away from the massive Rossing uranium mine that's jointly owned by Rio Tinto Ltd. (RIO.AU) and the Namibian government, and which produced 8% of the world's uranium oxide in 2008.

Testing at Rossing South has turned up good results, indicating a potential resource that analysts say could exceed 250 million pounds of uranium oxide.

This has helped catapult Perth-based Extract's market capitalization to A$1.65 billion on the Australian Securities Exchange from A$200 million in December.

However, corporate activity has also driven the rally.

In the past year there has been an aborted takeover attempt for Extract; Rio Tinto and a company headed by London-based mining entrepreneur Stephen Dattels has turned up on Extract's share register; and two chairmen and now managing director Peter McIntyre, have left the Extract board.

Australia-based McIntyre's resignation last week came weeks after Extract's biggest shareholder, UK-based Kalahari Minerals PLC (KAH.LN), called a shareholder meeting to vote on his removal.

McIntyre said he left for personal reasons after five years in the job, but added: "There's been a lot going on with the company and, obviously, at the corporate level."

"I think the company is on a very good path, certainly with the development of our project over in Namibia."

Kalahari ousted Extract's former chairman Bob Buchan in February, also by calling a special shareholder meeting.

AIM-listed Kalahari tried to buy Extract outright last year, but its shareholders became concerned when Rio Tinto built stakes in Extract and Kalahari.

They called off the merger for fear Rio Tinto would take control of the fused group without having to pay a premium.

Predators Watching

Rio Tinto's investments, coming at a time when it was still seeking to bring down its debt burden, underscores its ambition to double its uranium output by 2013. It has a similar interest in Kalahari to its 15.6% stake in Extract.

"Rossing will work with Rio Tinto and Extract Resources to determine the benefits that might arise from a joint venture for development of Rossing South," Rio Tinto said in a report released on Rossing's Web site this month.

Rio Tinto is an obvious suitor for Extract due to its proximity to the Rossing mine, but other companies would likely be taking a look as well, said Brock Salier, a London-based analyst at Ambrian Capital.

"We think state interest will come from the Chinese, South Koreans and Indians, while private companies that must be looking closely include Cameco Corp. (CCJ)," he said.

Much will also depend on Dattels's vision for the company. He's been moving up Extract and Kalahari's share registers and holds 10.2% and 9.9% stakes in them, respectively, through companies like Polo Resources Ltd. (PRL.LN), which he chairs.

Dattels has an established track record in unlocking value from undeveloped uranium deposits. He founded UraMin Inc., which was sold to France's state-owned Areva SA for US$2.5 billion in 2007.

Another significant holder in Kalahari is AIM-listed Niger Uranium Ltd. (URU.LN) with a 15.6% stake. Its acting chief executive, Ian Stalker, was the former CEO of UraMin.

Extract said Thursday it has invited Dattels, Rio Tinto representative Chris McFadden and another Kalahari representative, most likely chairman Mark Hohnen, to join its board.

"Kalahari welcomes the invitation of Dattels and McFadden to the board and supports the involvement of Rio Tinto and Polo Resources in the development of Extract," Hohnen said in a statement Thursday.

Spokespeople for Polo Resources and Niger Uranium were unavailable for comment.

Paul Adams, a Melbourne-based analyst at DJ Carmichael, said Dattels and Kalahari are likely part of a team that wants either to develop Extract in their own right, or enjoy the spoils of a big takeover bid.

"When the Kalahari guys were unable to mount a successful takeover, the next best thing was to get somebody else in there to somehow get control of the company," Adams said.

Several companies, including Rio Tinto, Areva, Cameco or Chinese state interests will be eyeing Extract, he said.

Key updates for Rossing South are due in the coming weeks, with a possible "huge third-quarter positive newsflow looming", says Resource Capital Research analyst Tony Parry.

"The market is now starting to understand that Rossing South is shaping up to be one of the world's largest uranium deposits," says Parry, who has a Buy recommendation on Extract shares and A$7.50-A$8.00 price target versus their latest trade of A$6.81.

Extract has hired Rothschild Australia to do a strategic review of its business, which it said last week is "well advanced".

638

 

[Uncle Barry]

Good morning Stompa.
Sorry if I appeared a bit cold about your question.

HOWEVER.
It is your money, therefore its your problem, meant in the nicest way.

What I can tell you.
I hold a wee little bay of EXTRACT stock,
AND HAVE NOT SOLD ANY

ONLY ADDED.

There is a mountain of information available on the EXTRACT Company site, which should take you hours to read and digest, and then your problem will be a clear direction.

The size of the wee little bag, some people mght retire on

Kindest regards,
UB

 

[Uncle Barry]

Hi again Stompa.
AND
Add Big Dogs posts to your reading material.
AND
his last post !

Kind regards,
UB

 

[bigdog]

02-07-2009 09:59 AM EXT Rossing South Zone 1 Resource Upgrade - 145mlbs at 449ppm

ROSSING SOUTH ZONE 1 RESOURCE UPGRADE
145m.lbs at a grade of 449ppm U3O8

Highlights:
• Zone 1 resource increased to 145 m.lbs U3O8 – a 34% increase from previous statement (108 m.lbs)
• Overall resource grade increased to 449 ppm U3O8.
• 20% of the resource metal now classified as Indicated.
• Highest grade granite-hosted uranium deposit in Namibia.
• Zone 2 maiden resource (due August 2009) expected to propel Rossing South into the top 10 global uranium deposits by contained metal.
• Zone 1 and Zone 2 mineralisation still open along-strike and down-dip.
• Extensive exploration potential still to be tested.

The new Zone 1 resource reconfirms Rossing South as one of the most significant uranium discoveries ever made. Once the Zone 2 resource estimate is completed (August 2009) Rossing South is expected to be one of the top 10 global uranium deposits by contained metal.

Extract’s Managing Director, Peter McIntyre , said “This resource upgrade on Zone 1 at Rossing South is an outstanding result. The significance of the recent high grade intersections we have been reporting, are now being reflected in this major deposit.”

He also added, “The Zone 2 maiden resource is on track for August 2009 so the Company will establish an even larger resource base over the next two months, and position Rossing South amongst the best of the world’s uranium deposits. This resource base is expected to support a long life, large scale open pit mining operation and a feasibility study is in progress to quantiy this potential.”

 

[shaq32]

Great Zone 1 upgrade, but share price attacked by BOTS. Crazy and impatient people sell at these times trying to take profits. Thats human involvement and emotions in play. Lucky for us(LONG TERMERS), the fundamentals will shine through and Uncle Barry will be able to retire.

 

[Sean K]

(for balance)

For the buy and holders (just adding, not taking profits) remember that a black swan can rip apart a verticle trajectory of any stock, particularly this industry.

Yes, market implosion right now may effect this, but worse case may be a nuclear accident of some type throwing the industry into a spin.

Being too overweight in something could send you into oblivion.

Or, with luck, the stratosphere.

Good luck!

 

[bigdog]

The top 20 shareholders at June 24 2009 hold 82.4% of the total shares
--- refer the attachment for specific details of top 20 holdings.

EXT 5.85 +0.280 +5.03% high of $5.99 low of $5.80 294,657 shares $1,722,434 @ 07-Jul 01:54:06 PM

It is interesting to observe how the SP has spiralled downwards on such "low" volumes!!
-- are there any opinions why the SP has reduced on these low volumes per below?

Date...... Close Chge Volume
06-Jul-09 5.57 -0.45 547,604
03-Jul-09 6.02 -0.26 552,500
02-Jul-09 6.28 +0.04 600,843
01-Jul-09 6.24 -0.26 244,885
30-Jun-09 6.50 +0.00 509,297
29-Jun-09 6.50 -0.14 307,383
26-Jun-09 6.64 +0.34 230,474
25-Jun-09 6.30 -0.2 369,531
24-Jun-09 6.50 -0.31 558,237
23-Jun-09 6.81 -0.27 762,508
22-Jun-09 7.08 -0.12 759,526
19-Jun-09 7.20 +0.61 2,855,972
18-Jun-09 6.59 +0.00 284,899

492

 

[z-trader]

The top 20 shareholders at June 24 2009 hold 82.4% of the total shares.

It is interesting to observe how the SP has spiralled downwards on such "low" volumes!!
-- are there any opinions why the SP has reduced on these low volumes per below?

Last time I calculated the free float it was actually more like 9% so, without double checking your figures, I guess there's been a little profit taking.

As for why the SP falls so far on such small volume, just take a look at market depth. Often it would take only 50000 shares to reduce the price by $1. It's just an illiquid stock. If a big holder decides to exit the stock then it's inevitable that the SP will decline substantially. It's not a stock for the faint hearted this year. My own view is that KAH/RIO/Polo and others are accumulating shares, and part of doing so entails selling down to spook holders and pick up more than they initially sold at the bottom. I don't have any better info than you, so it's just a guess, but it's the only explanation I've come up with for the volatility. The fundamentals seem to only be getting better, so when the price drops I've just been buying more. It's all I can do when the drop doesn't make the slightest bit of sense.

z-trader